Mid-Afternoon Market Update: Crude Oil Rises Over 2%; GoPro Shares Decline Following Morgan Stanley Downgrade
Toward the end of trading Monday, the Dow traded down 0.02 percent to 17,260.94 while the NASDAQ declined 0.19 percent to 4,923.90. The S&P also fell, dropping 0.09 percent to 2,010.56.
Leading and Lagging Sectors
On Monday, telecommunications services shares surged by 0.17 percent. Top gainers in the sector included Nippon Telegraph & Telephone Corp (ADR) (NYSE: NTT), IDT Corporation (NYSE: IDT), and TELUS Corporation (USA) (NYSE: TU).
In trading on Monday, basic materials shares were relative laggards, down on the day by about 1.61 percent. Meanwhile, top losers in the sector included AngloGold Ashanti Limited (ADR) (NYSE: AU), down 10 percent, and HORSEHEAD HOLDING CORP. (NASDAQ: ZINC), down 12 percent.
The offer price of $60 per share in cash and stock represents a 14 percent premium over Jarden's closing price on Friday.
Equities Trading UP
Akebia Therapeutics Inc (NASDAQ: AKBA) shares shot up 8 percent to $10.55 after the company reported a collaboration with Mitsubishi Tanabe Pharma for the development and commercialization of Vadadustat in Asia.
Shares of Trina Solar Limited (ADR) (NYSE: TSL) got a boost, shooting up 11 percent to $10.60 following announcement of $11.60 per ADS 'going private' proposal.
Siliconware Precision Industries (ADR) (NASDAQ: SPIL) shares were also up, gaining 8 percent to $7.72 after Advanced Semiconductor Engineering (ADR) (NYSE: ASX) offered to acquire Siliconware Precision for 55 Taiwanese Dollars per share.
Equities Trading DOWN
Atara Biotherapeutics Inc (NASDAQ: ATRA) shares tumbled 35 percent to $21.74 after the company reported results from its Phase 2 proof-of-concept PINTA 745 clinical trial for protein energy wasting in patients with end stage renal disease.
Shares of GoPro Inc (NASDAQ: GPRO) were down 13 percent to $16.60. Morgan Stanley downgraded the rating on GoPro from Equal-weight to Underweight, while lowering the price target from $23 to $12.
In commodity news, oil traded up 2.16 percent to $36.39, while gold traded down 0.96 percent to $1,065.40.
Silver traded down 1.18 percent Monday to $13.72, while copper fell 0.19 percent to $2.11.
European shares closed lower today. The eurozone's STOXX 600 fell 1.76 percent, the Spanish Ibex Index declined 2.10 percent, while Italy's FTSE MIB Index dipped 2.42 percent. Meanwhile, the German DAX slipped 1.94 percent, and the French CAC 40 slipped 1.68 percent, while U.K. shares fell 1.32 percent.
No major economic reports are scheduled for release today.
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